v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOW - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES      
Consolidated net income $ 13,357 $ 16,031 $ 21,510
Depreciation, depletion, amortization and impairment 13,847 13,107 13,818
Non-current liabilities, valuation allowances, and deferred taxes 924 190 813
(Gains) losses on disposals of assets (1,568) (1,497) (3,452)
Undistributed affiliates' equity earnings (923) 124 649
(Increase) decrease in working capital 1,284 2,364 6,091
Other changes, net 422 535 1,250
Cash flow from operating activities 27,343 30,854 40,679
CASH FLOW USED IN INVESTING ACTIVITIES      
Intangible assets and property, plant and equipment additions (16,953) (14,909) (17,722)
Acquisitions of subsidiaries, net of cash acquired (1,999) (2,439) (1,772)
Investments in equity affiliates and other securities (1,288) (2,127) (3,477)
Increase in non-current loans (1,960) (2,275) (1,889)
Total expenditures (22,200) (21,750) (24,860)
Proceeds from disposals of intangible assets and property, plant and equipment 1,713 727 3,789
Proceeds from disposals of subsidiaries, net of cash sold 855 2,167 3,561
Proceeds from disposals of non-current investments 329 347 490
Repayment of non-current loans 1,172 1,177 566
Total divestments 4,069 4,418 8,406
Cash flow used in investing activities (18,131) (17,332) (16,454)
CASH FLOW FROM FINANCING ACTIVITIES      
Issuance (repayment) of shares: Parent company shareholders 492 521 383
Issuance (repayment) of shares: Treasury shares (7,714) (7,995) (9,167)
Dividends paid: Parent company shareholders (8,121) (7,717) (7,517)
Dividends paid: Non-controlling interests (482) (322) (311)
Net issuance of perpetual subordinated notes (1,139) (457) (1,081)
Payments on perpetual subordinated notes (303) (314) (314)
Other transactions with non-controlling interests 285 (67) (126)
Net issuance (repayment) of non-current debt 7,981 7,532 130
Increase (decrease) in current borrowings (4,153) (5,142) (14,289)
Increase (decrease) in current financial assets and liabilities 3,220 (464) 2,562
Cash flow from / (used in) financing activities (9,934) (14,425) (29,730)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (722) (903) (5,505)
Effect of exchange rates 1,080 (516) (258)
Cash and cash equivalents at the beginning of the period 25,844 27,263 33,026
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD $ 26,202 $ 25,844 $ 27,263